Over the last five or 6 years …Why We Didnt See L&I In Papaya Global Payroll… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies maintain different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they include additional intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating variety of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really very fundamental there’s no real consistency structure we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the compensation landscape is ending up being increasingly elaborate. Services are constantly introducing new benefits and payment alternatives, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technically sophisticated era, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s greatest cost, must be processed properly and on time. Even slight delays can negatively affect employees’ well-being and have significant effects. Therefore, it’s critical to prioritize precise and timely payments.
payroll group get um so I’m not sure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent initial step um offering an end-to-end payroll option for your workers internationally again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how crucial a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do business select to main different savings account there are Why We Didnt See L&I In Papaya Global Payroll services out there doing exactly this for particular nations and I have actually operated in a business or lots of companies doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I think people have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires altering however eventually individuals are very stuck with what they’re familiar
with ideal um modification is a hard thing we all do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping multiple checking account but there’s a substantial quantity of complexity goes with establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is huge however I think the honest answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does posture numerous challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Why We Didnt See L&I In Papaya Global Payroll